As price rises from $22 to $26, quantity supplied rises from 100 to 110 units and quantity demanded falls from 90 units to 65 units. It follows that supply is and demand is .

As price rises from $22 to $26, quantity supplied rises from 100 to 110 units and quantity demanded falls from 90 units to 65 units. It follows that supply is inelastic and demand is elastic.

Explanation:

Elasticity of supply is a term used in economics to measure the change in quantity of the goods and services supplied when there is change in price.

High elasticity shows that the change in supply quantity is sensitive, when the price is changed. Low elasticity shows the change in the supply quantity is less sensitive to the changes in price. If there is no change in supply quantity due to price change it is known as no elasticity.

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